8 Colo. Code Regs. § 1508-3.4
The following definitions shall apply for purposes of the Program unless otherwise indicated in these rules:
"Acceptable Submission Method" means one or more modes of document submission detailed on the Program website.
"Account" means, individually or collectively as the context may require, each Roth IRA and Traditional IRA that has been established under the Program.
"Account Holder" means an individual for whom an Account is held under the Program. Account Holders include Onboarded Employees after the Opt-Out Period and Voluntary Participants for whom an Account is established.
"Act" means SB20-200 and the C.R.S. 24.54.3 Colorado Secure Savings Program Act.
"Automatic Escalation" means an additional 1% annual increase in an Account Holder's Contributions at the beginning of each subsequent calendar year following the Account Holder's Onboarding.
"Beneficiary" means the individual(s), person(s), or entity(ies) entitled to receive the proceeds of an Account upon the death of an Account Holder.
"Board" means the Colorado Secure Savings Program Board defined in C.R.S. 24-54.3-102(1).
"Capital Preservation Investment" means a Money Market account selected by the Board where Payroll Deductions are held during the Opt-Out period.
"CDLE" means the Colorado Department of Labor and Employment.
"Certificate of Exemption" means a record provided by the Program Administrator to a business entity that acknowledges said entity's Exemption.
"Code" means the Internal Revenue Code of 1986, as amended, and any U.S. Department of Treasury regulations, rulings, announcements or other guidance issued thereunder.
"Coemployer" means, in accordance with C.R.S. 8-70-114, either an Employee Leasing Company or a Work-Site Employer.
"Confirmation Notice" means a document sent by the Program Administrator to Participating Employers, Account Holders, and Voluntary Account Holders after Onboarding Information is provided.
"Contribution" means monies contributed to an Account.
"Contribution Rate" means the whole-integer percentage of Wages contributed to an Account by an Account Holder.
"Custom Contribution Rate" means any Contribution Rate elected by the Account Holder as made available by the Program Administrator.
"Custom Investment" means any of the asset classes chosen by the Board besides the Default Investment Option
"Default Contribution Rate" means five percent of Account Holder's Wages.
"Default Investment Option" means the Target Date fund chosen by the Board, which correlates to the Account Holder's birth year.
"Employee" means Employee as defined in C.R.S. 24-54.3-102(2).
"Employee Leasing Company" means any person, business, or other entity that provides services to a Work-Site Employer pursuant to an Employee Leasing Company Contract, as defined in paragraph (2)(a) of C.R.S. 8-70-114.
"Employee Leasing Company Contract" means any written staff leasing contract, extended employee staffing or supply contract, or other contract under which an Employee Leasing Company procures or receives from a Work-Site Employer specified Coemployer responsibilities for specified employees, designating itself as employer of such employees, and retaining the right of direction and control of such employees with regard to those employer responsibilities, including the rights and responsibilities set forth in paragraph (b) of subsection (2) of C.R.S. 8-70-114.
"Employer" means Employer as defined in C.R.S. 24-54.3-102(3).
"ERISA" means the Employee Retirement Income Security Act of 1974, as amended.
"Exempt" means not required to Onboard or Participate in the Program.
"Exemption" means the certification by a business entity to the Program Administrator online through the Program website affirming that said entity does not meet the definition of Employer and therefore is neither required to Onboard nor Participate in the Program.
"Fee" means Fee as defined in C.R.S. 24-54.3-102(4).
"FEIN" means Federal Employment Identification Number provided by the IRS.
"Form 5500 Filing" means the Annual Return/Report of Employee Benefit Plan that is required to be filed for certain employee benefit plans under sections 104 and 4065 of ERISA and sections 6057(b) and 6058(a) of the Code.
"Grant" means a sum of money given by the Program to Participating Employers with between five and twenty-five Employees, as mandated in C.R.S. 24-54.3-103.5(f), for the purpose of incentivizing compliance with the Program and defraying costs incurred by this category of Employers.
"Hold and Sweep Period" means the 30 day period after the Opt-Out Period, during which time Contributions are held in a Capital Preservation Investment on behalf of Participating Employees.
"In Business" means (i) (ii) (ii) or (iv), the date which occurred closest to the present day:
"Inactive" means an Account to which no funds have been deposited for at least 12 months; or from which all funds have been withdrawn, rolled-over (out), or transferred.
"IRA" means, individually or collectively as the context may require, a Roth Individual Retirement Account or a Traditional Individual Retirement Account.
"IRS" means the Internal Revenue Service.
"Launch Date" means the date when the Program is open to the public.
"Non-Compliant Employer" means Employers that have neither certified Exemption nor are Participating Employers.
"Non-Payroll Contribution" means any amount, greater than or equal to five dollars, elected by an Account Holder that Account Holder remits outside of a Payroll Deduction Contribution.
"Onboard" means to furnish information to the Program Administrator in order to Participate in the Program.
"Onboarding" means the process by which Employers and Employees and Self-Employed Individuals furnish information to the Program Administrator in order to participate in the Program.
"Onboarding Information" means the information detailed in 1508-3.5.4 and required to be provided by an Employer, an Employee, or a Voluntary Participant to the Program Administrator to enable participation in the Program.
"Opt-Out Period" means the 30 day account revocation period following completion of Onboarding with the Program Administrator.
"Participate" means to remit either Employee Payroll Deduction Contributions or Contributions of Voluntary Participants to the Program Administrator.
"Participating Employer" means an Employer that is remitting Payroll Deduction Contributions to the Program Administrator.
"Participation" means the remittance of either Employee Payroll Deduction Contributions or Contributions of Voluntary Participants to the Program Administrator.
"Participating Individual" means either a Self-Employed Individual or a Voluntary Participant whose Onboarding Information has been received by the Program Administrator and who is remitting Contributions to an Account.
"Payroll Deduction Contributions" means Contributions made by an Onboarded Employee via a payroll deduction through a Participating Employer.
"Program" means the Colorado Secure Savings Program, which has been created by the Board pursuant to C.R.S. 24.54.3-103
"Program Administrator" means the third-party entity procured by the Board to assist in carrying out the requirements of the Act.
"Program Information" means a document provided by the Program Administrator after onboarding to both Employees and to Voluntary Participants, which outlines the program features including, but not limited to the items listed in C.R.S. 24-54.3-107.
"Registration Date" means a date established by the Board on which Employers are required to complete Onboarding into the Program.
"Roth IRA" means an individual retirement account within the meaning of section 408A of the Code.
"Self-Employed Individual" means an individual who either (i) carries on a trade or business as a sole proprietor or an independent contractor, or (ii) is a member of a partnership that carries on a trade or business, or (iii) is otherwise in business for himself or herself (including a part-time business or a "gig worker") and who meets the qualifications to open an IRA.
"Tax-Qualified Retirement Plan" means, for purposes of the Program, an employee benefit plan that is qualified under section 401(a), 401(k), 403(a), 403(b), 408(k), 408(p), or 457(b) of the Code.
"Traditional IRA" means an individual retirement account within the meaning of section 408 of the Code.
"Treasury Staff" means one or more of the employees of the State of Colorado Department of Treasury.
"Voluntary Participant" means an individual who meets the qualifications to open an IRA but who does not meet the definition of Employee as defined in C.R.S. 24-54.3-102(2) and who are willing and able to provide Onboarding Information to the Program Administrator.
"Wages" means Wages as defined in C.R.S. 24-54.3-102(7).
"Work-Site Employee" means an individual who is in an employment relationship with both an Employee Leasing Company and a Work-Site Employer and has received written notice of coemployment with the Employee Leasing Company.
"Work-Site Employer" means any person, business, or other entity that procures the services of an Employee Leasing Company under an Employee Leasing Company Contract and otherwise retains direction and control of the employees specified in the contract regarding responsibilities not specified in the contract pertaining to the business of the work-site employer.
8 CCR 1508-3.4